In order to boost the credibility of the FBI’s investigations of the Trump team, much of the media is whitewashing the bureau’s entire history. But the FBI has been out of control almost since its birth.

"You're on this mania curve. We've seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines. This is not something a guy who's making $100,000 a year, who's got a mortgage and two kids in college ought to be invested in."

The Catch-22 faced by the Chinese authorities boils down to a timing preference. The authorities can bring on the "Minsky moment" adjustment, or they can postpone it, leading to a truly catastrophic collapse down the road.

A whole generation of millennial Americans couldn't care less about polo ponies, crocodiles or any of the other clever logos that retailers have spent billions on over the years to convince you that you should pay $75 for a shirt that would sell for $15 absent the logo on the breast...and that's great news for Amazon.

"It is clear that the spiraling trajectory cannot continue indefinitely; it has to stop at some point beyond which there will be no more bubbles. In many ways, it looks like the post-2008 represents the last lapse. A new game has to be reinvented for the old future to materialize, or a different paradigm altogether has to take over."

After overcoming obstacles created by Democrats and conservative Republicans – with each camp pushing for priorities that were ultimately excluded from the extension bill – the White House and its allies in Congress will still need to figure out how to balance these demands if they are to secure approval for the next funding bill before Dec. 22...